Chapter 307
Chapter 307
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Translator: crow
Chapter Title: Faction Complete
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If only we could turn a blind eye to the worsening fiscal situation, the state of the war wasn’t unfavorable for Daehan.
No, it was unfolding in an even more advantageous picture than initially anticipated.
‘Now that Daehan has Asia in one hand, America can’t force us to our knees.’
The two superpowers were now approaching a near-equal balance of power.
Had America ever been chased this closely since the start of the 20th century?
‘Never.’
Kaiser’s Germany, Hitler’s Nazi Germany, Stalin’s Soviet Union—all had been feeble challengers that couldn’t even reach half of America’s level.
But Daehan was different.
Pyongyang alone accounted for over 63% of America’s weight class on its own, and adding the EA pushed it to 84% as a terrifying pursuer.
If this trend continued for just another decade, Daehan surpassing America wouldn’t be a pipe dream.
Of course, I knew Daehan’s future wasn’t entirely rosy.
It could stagger from unforeseen setbacks I hadn’t anticipated, or my successor might underperform expectations.
Even so, securing the firm position of number two was a given.
I strolled through the observatory courtyard with my hands clasped behind my back.
‘Still, I need to prepare to tidy up loose ends.’
There was plenty to do, like refining my will and testament.
“Excellency.”
Lost in thought, I was interrupted when the chief of staff brought me a note.
I quickly scanned the message he handed over.
“The Saudi king has requested a visit to Korea?”
I immediately grasped the implications hidden in this message.
‘Saudi must be pretty pissed about the dollar’s plummeting value.’
America was printing dollars like mad to cover the massive spending on subsidy wars.
And that was just the start.
They kept cranking them out for space races, arms races, currency swaps, and more.
As a result, the US dollar was losing value at a frightening pace compared to the early Nixon days.
It wasn’t as shaky as Europe’s currencies, but the dollar’s wobbles were clear for all to see.
Would the oil-producing nations that had agreed to petrodollars look kindly on this?
‘Not a chance.’
No one would cheer for their assets evaporating while sitting on their hands.
I instructed the secretariat to prepare for the Saudi king’s visit.
A few weeks later, King Faisal of Saudi Arabia boarded a plane and flew to Korea.
Considering how national leader visits usually dragged on with protocol negotiations and such, this was an unusually swift move.
At our meeting, the Saudi king made it clear he wanted not only EA oil supplies but Third World shipments settled in won as well.
“Won’t Washington find that uncomfortable?”
“Those guys don’t even deserve to complain.”
The Saudi king didn’t hide his dissatisfaction with Washington.
“If Riyadh feels that way, we’ll consider it positively.”
Saudi’s move was just the beginning.
Iraq, Kuwait, and others soon rushed to Pyongyang, expressing their desire to increase won settlements.
This was more than enough to irk Washington.
‘Nixon’s not the type to let oil payment issues slide.’
I directed the cabinet and intelligence agencies to keep a close watch on Washington.
Sure enough.
The US government made its move.
With oil on the line, Washington came out swinging from the start.
“The 5th Fleet is conducting maneuvers in the Persian Gulf.”
The navy and intelligence reported that the US Navy was deploying carrier groups to heighten tensions in the Persian Gulf.
“Maneuvers, huh.”
Every cabinet minister stared at me.
Sitting idle in this situation wouldn’t do Daehan’s prestige any favors.
“Then lease some merchant ships and send them straight into the US Navy’s training area.”
“Pardon?”
“If merchant ships blatantly steam into their training zone, what can the Americans do?”
Shoot missiles at them or something?
It wasn’t even US territorial waters or EEZ.
The area the US Navy had declared as a training zone was international waters, plain and simple.
Block them with their bodies?
That was out of the question too.
A sturdy warship couldn’t withstand a collision with a merchant vessel that dwarfed it in displacement.
The staff officers shot me worried looks.
“That could be seen as provocation.”
“Better than sending warships.”
I ordered the navy to launch Operation Freedom of Navigation.
A few days later, we leased several merchant ships stuck in the Persian Gulf and executed Operation Freedom of Navigation.
“This area is currently a military operations zone. Vacate immediately. I repeat.”
“What? We’re on the high seas—can’t hear you well?”
“Ah, those bastards?”
The US Navy could only broadcast warnings at the sight of merchant ships flying the Taegeukgi flag boldly steaming ahead—they didn’t dare block their path.
This emboldened other nations that had shrunk from the show of force.
They followed in our wake, openly and confidently navigating the Persian Gulf.
‘That’s why precedents matter.’
Operation Freedom of Navigation was enough to turn the US Navy—which had been pressuring the Gulf with overwhelming naval power—into a laughingstock.
“Guys who can’t do more than broadcast warnings even as merchant ships sail right under their noses aren’t a threat worth freezing over.”
Washington withdrew the fleet immediately after this option failed.
But had the Americans given up pressuring the oil producers?
Not at all.
America shifted to a new form of pressure on the oil nations.
“We’ll investigate the funding sources of individuals linked to terrorist groups.”
The US Treasury and IRS issued sanctions targeting the royals of oil-producing countries.
“What? You’re accusing us of supporting terrorists?”
The targets were mostly figures who had shown positive responses to won settlements.
They talked terrorism, but it was effectively a warning against won payments.
“If America comes at us like this, it’ll be a real headache. With their assets on the line, won’t the Middle Eastern royals do a complete 180 on their previous stance?”
“Of course, that could happen.”
Royals with assets at stake could flip their attitudes anytime.
But such tricks were only absolute when there were no alternatives.
With ‘Daehan’ rivaling America and the Third World as investment destinations, there was no need to hang on Washington’s every word.
Even if they bowed their heads to America’s antics for now, Middle Eastern royals would gradually shift their assets toward Korea.
They’d think it guaranteed their fortunes in a pinch.
‘I’ll admit it—that’s effective in the short term.’
Indeed, Saudi and others started reverting to a passive stance on won settlements.
Government officials argued we needed a response, but I said there was no need.
“The rise in won settlement share will happen with time, so no need to get impatient.”
All issues paid off if viewed and planned long-term.
Rushing for quick gains often led to unexpected blunders.
‘Ah, of course, theory and practice differ.’
I told the ministers that, but Yi Seong-jun here wasn’t one to sit idle.
I moved invisible hands beneath the surface.
My target was oil prices.
“If we crash oil prices outright, would cash-strapped oil producers even think of taking dollars for their crude?”
“Absolutely not.”
For this scheme, I’d laid groundwork since the oil shock days.
My secret weapon to tank prices was technology.
“This is the new hydraulic fracturing method that’s come out recently.”
“This is... truly remarkable technology.”
Hydraulic fracturing, born from tossing one idea and cycling through countless oil experts.
I quietly slipped this hydraulic fracturing method to Western society.
“We won’t charge patent fees.”
“Why not?”
“Energy prices need to drop for everyone to benefit, right?”
Of course, there was a reason for handing out such a gem so freely.
The hydraulic fracturing method, developed for shale oil, wasn’t actually a breakthrough for slashing oil prices drastically.
‘Hydraulic fracturing only pays off when oil’s above $40 a barrel.’
Few on Earth knew that.
But would the oil producers?
Middle Eastern oil nations trembled at the emergence of this new tech for extracting shale oil.
“The stage is set—let’s start the PR campaign.”
I blasted the press with ads claiming a revolutionary technology had hit the oil market.
I even leaked that Korea’s state oil company intended to invest in it.
“Ah, of course Daehan should invest. It’s tech that’ll change the era.”
Oil prices plunged like a lie.
Since no one knew shale oil’s true costs, prices hovering near $10 halved in a flash.
Of course, oil producers knew shale couldn’t come cheap.
Compared to traditional oil you just pumped out, it required several extra steps—how could costs be low?
But humans fell for plausible logic.
“Factor in shipping to America and other expenses, and shale oil’s plenty competitive.”
Hearing grim forecasts of oil prices crashing through the floor, the oil producers flipped 180 degrees again.
For them now, expanding won settlements was a survival issue.
“Taking payment in a crashing dollar would bankrupt the country for real. Whatever Washington says, we’ll raise the won share.”
No matter America’s pressure, it was futile.
“You guys really gonna play it like this? Not scared of financial sanctions?”
“Better than sitting and going bust. Sanction us! We’ll just park it in Korea.”
Washington couldn’t suppress the collective backlash from oil producers dead set on taking won even if it killed them.
Finally, Washington and the oil nations reached a historic compromise.
“We’ll acknowledge won only for Third World deals in Asia.”
“Agreed.”
At that moment, America’s petrodollar system was half-collapsed.
In contrast, Daehan had seized complete dominance over the Third World.
Now Pyongyang could dictate the life and death of Third World allies just by controlling the won.
“Frankly, a leash like this is more reliable than some bland Asianism ideology.”
We propagandized hopeful ideals of Asianism for others to believe, but I trusted the whip in my hand.
Contradictory? What can you do?
It was their fault for falling for Yi Seong-jun’s cunning mask.
I answered calls from oil producers ringing Pyongyang with the smile of a good-natured friend.